U.S. Treasury Sanctions Hezbollah-Linked Gold and Shipping Network
According to a statement from the Treasury’s OFAC, the sanctioned individuals and companies are accused of helping Hezbollah convert gold reserves into cash and evade existing international restrictions, using Lebanon’s cash-based economy and covert trade channels
ERBIL (Kurdistan24) – The U.S. Treasury Department on Tuesday announced new sanctions targeting an alleged Hezbollah-linked gold exchange and international shipping network, citing efforts to disrupt the group’s financial operations and promote stability in the Middle East.
According to a statement from the Treasury’s Office of Foreign Assets Control (OFAC), the sanctioned individuals and companies are accused of helping Hezbollah convert gold reserves into cash and evade existing international restrictions, using Lebanon’s cash-based economy and covert trade channels with Iran.
“Hizballah is a threat to peace and stability in the Middle East,” U.S. Treasury Secretary Scott Bessent said. “Treasury will work to cut these terrorists off from the global financial system to give Lebanon a chance to be peaceful and prosperous again.”
The Treasury said Hezbollah continues to rely on Al-Qard Al-Hassan (AQAH), a U.S.-designated entity that operates under the cover of a nongovernmental organization licensed by Lebanon’s Interior Ministry. While registered as an NGO, AQAH is accused of providing extensive bank-like financial services beyond what was disclosed in its original registration.
Facing financial pressures in early 2025, Hezbollah reportedly instructed AQAH to establish new mechanisms to maintain access to cash. OFAC said senior AQAH officials subsequently created a network of companies involved in gold trading in Lebanon and potentially abroad to ease liquidity constraints.
Among those entities is Jood SARL, a Lebanese government-licensed gold exchange company. The Treasury said Jood is overseen by U.S.-designated individual Samer Hasan Fawaz and operates under AQAH supervision, with most of its branches located in or near AQAH offices in predominantly Shiite areas, including Beirut, the Bekaa Valley, and Nabatieh.
OFAC identified senior AQAH officials, Mohamed Nayef Maged and U.S.-designated Ali Karnib, as co-owners and managing partners of Jood, alleging that they operate the company on AQAH’s behalf. The Treasury described Jood as the latest scheme used to conceal AQAH’s financial activities and bypass sanctions.
Jood SARL was designated under Executive Order 13224 for providing material support to Hezbollah, while Mohamed Nayef Maged was separately designated for providing support to AQAH.
U.S. officials said the measures underscore Washington’s commitment to countering terrorist financing and supporting Lebanon’s long-term security and economic recovery.